Debt-limit deal comes down to finding 60 votes in Senate

Debt Showdown Gasp8 t653

Senate Majority Leader Sen. Harry Reid of Nev. pauses during a news conference on Capitol Hill in Washington, Monday, Aug. 1, 2011, to talk about debt ceiling legislation.

The House of Representatives passed the compromise motion by a comfortable majority and now its down to Senate to find 60 votes to pass the Bill. Although it seems hard to believe the Senate will fail the US and the global economy, some commentators are claiming that it is a very close thing. That Obama would veto the Bill, if it passed House and Senate, seems unlikely because for him now its a choice between humiliation, or being forced out of office and, as the crisis was largely caused by his desire for re-election, the choice of accepting humiliation is likely.

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Time to Breath a Sigh of Relief?

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Good outlook? Japan’s Nikkei index was the first to open after President Obama announced a U.S. debt deal, and climbed 1.7 per cent. The expressions on the faces in the photograph convey relief and concern together.

The first market reaction to news of a possible deal between Republicans and Democrats was the Nikkei climb. It seems inconceivable that the deal will not be passed by Congress and accepted by President Obama. If the next stages falter all bets are off once again and the US would be out of time to convince bond holders.

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Nordic American Tankers Ltd.(NYSE:NAT) Letter to Shareholders from the Chairman and CEO on the tragic events in Norway.

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Sandefjord, Norway, August 1, 2011

The traumatic bombing and shootings in Norway on July 22 claimed 77 innocent lives. Most of them were young people between 15 and 22 years of age. These horrific actions have prompted many of you to send us expressions of concern and condolences. Your sympathy warms our hearts in this difficult time. You have told us that we are in your thoughts and prayers, and we are most grateful.

Though many of our staff live in Norway, none have been directly affected by the attacks, which took place about a one hour drive from our offices in Sandefjord.

As you know, Norway is a small country with fewer than 5 million people. But we have spread our roots widely; there are more people of Norwegian descent in the US than the whole population of Norway.

Our country’s political leaders have shown an unshakeable and unified front, no matter what party they are from. They have clearly expressed that the brutal assaults will not intimidate or threaten Norway, which will stand firm in defending its main values built on a democratic, open, tolerant and inclusive society.

Again, thank you for supporting us. You are all our friends!

Sincerely,
Nordic American Tankers Ltd.
Herbjorn Hansson
Chairman and CEO

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